In Friday’s edition of The Daily, we look at Bitsane’s decision to list tether (USDT) and trade it against the euro. We also cover two other recent announcements in the crypto-space. Digital asset trading platform Covesting is launching operations in Gibraltar, where it has obtained a distributed ledger technology license. And Swissone, a Zug-based digital asset management company, is establishing a regulated tokenized fund.
Also read: Coinbase Blesses Binance, Game Day for BCH
Bitsane to Trade USDT Against the Euro
European cryptocurrency exchange Bitsane has announced that it’s listing tether (USDT). The stablecoin will trade on its platform in pairs with a number of cryptocurrencies, including BCH, BTC, ETH, LTC, XRP, DASH, DOGE, ETC and REP. Launched as a fiat alternative backed by the U.S. dollar at a 1-to-1 ratio, USDT is usually traded against the greenback. However, Bitsane now offers the option to exchange the cryptocurrency with the euro.
The Dublin-based digital asset trading platform was established in November 2016 and has since signed up around 240,000 users. The exchange currently processes about 25,000 transactions per day and has a daily trading volume of approximately $6 million.
A number of alternatives to tether have recently hit the market. Some of the more notable examples of these new stablecoins include the gemini dollar (GUSD) and paxos standard (PAX), both of which are ERC20 tokens backed 1-to-1 with U.S. fiat currency. Circle’s USDC is another stablecoin that will soon be listed on leading cryptocurrency exchange Binance.
Covesting Opens Crypto Exchange in Gibraltar
Covesting, another cryptocurrency exchange based in Europe, has announced a soft launch of its new trading platform in Gibraltar. The company recently secured a distributed ledger technology (DLT) license from the authorities in the British Overseas Territory.
Over the past year, Gibraltar has adopted dedicated regulations that are tailored to attract businesses from the crypto industry. Covesting, which is registered and incorporated in the jurisdiction, is a fintech company launched by former Saxo Bank traders.
Users who would like to participate in the soft launch are required to register and pass know-your-customer and identity verification procedures. Then they’ll be able to deposit any of the cryptocurrencies that are currently available for trading by transferring funds from their wallets to the trading portfolio on Covesting’s platform. Additional methods for fiat deposits, including credit cards, as well as wire and bank transfers, will be added in the near future.
Swissone to Establish Regulated Tokenized Fund
Swissone Capital AG, a Zug-based digital asset management company, has announced the upcoming launch of a tokenized and fully regulated index fund. According to a press release, the fund will be licensed by the Swiss Financial Market Supervisory Authority (Finma) and offer clients “the liquid utility of tokenization combined with the safeguards of regulatory recognition.”
A global survey conducted by professional services network PwC recently showed that regulatory uncertainty and a lack of trust are the two major barriers to entry in the cryptocurrency market. Swissone Capital hopes to substantially ease these two serious concerns by acquiring approval from the Swiss financial regulator.
Over the past few years, a sizable cryptocurrency market has developed in Switzerland, turning the country into one of Europe’s leading crypto-friendly jurisdictions. The country is home to the so-called “Crypto Valley” in the canton of Zug, where hundreds of blockchain startups and fintech companies are now based. Swiss crypto businesses can also take advantage of services offered by banks in neighboring Liechtenstein.
What are your thoughts on today’s news tidbits? Tell us in the comments section.
Images courtesy of Shutterstock, Bitsane, Covesting, Swissone.
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